Neptune, a joint venture between Spanish retail outlet specialist Neinver and TH Real Estate, acting on behalf of TIAA, has completed the purchase of Factory Warsaw Ursus outlet mall in the Polish capital for €79.7 mln, representing a net initial yield of 6.33%.
Acquired from the Irus European Retail Property Fund, Factory Warsaw Ursus features 19,593 m2 of gross lettable space over 103 shops including Nike, Adidas, Reebok, Tommy Hilfiger, United Colors of Benetton and Calvin Klein.
Neptune was created in 2014 to acquire prime outlet malls across Europe. The joint venture currently owns 13 assets with a total of 304,500 m2 of GLA, five of which are located in Poland, with a further five in Spain, two in Italy and one in France.
The acquisition strengthens Neptune’s presence in the Polish outlet market, where the two partners already own assets in Krakow, Poznan and in Annopol, to the north of Warsaw. As part of the transaction, Neptune has also acquired adjoining land with retail consent for a potential future expansion.
'We are proud to end the year successfully by adding this strategic asset to our JV’s portfolio,' said Neinver's managing director Carlos González. 'Neptune’s acquisition of its fifth asset in Poland strengthens its portfolio and reinforces its solid, successful growth. From our experience in the Polish market, we are firmly convinced that this centre still has much to offer in terms of profitability and reliable returns.'
Charlotte Ashworth, fund manager at TH Real Estate, added: 'Following a number of successful transactions in late in 2016, this acquisitions is the final asset to be acquired from the former Irus Fund and expands our successful joint venture with Neinver. This asset complements Factory Annopol, which is already held in the JV and is located north of Warsaw.'
